Embermine’s Seat License Contracts
Embermine is proud to announce an important addition to our platform: Seat License Contracts. Our Ember (EMB) tokens serve many functions, but their single most important function is as a seat license to the Embermine Platform. Everyone wishing to use Embermine must first create their single, unique, and permanent UserID, which is created by submitting and redeeming an Ember seat license. That is correct, everyone. Whether you are wanting to create Projects and Smart Contracts, search for Smart Contracts to claim and complete, or even to participate in our social network or shop in the Marketplace, everyone must have a UserID.
During our token sale, we are selling the Embers in bulk through the crowdsale to accomplish many different things:
- Funding for building, developing, and deploying the Platform, as well as helping to develop the EOS platform.
- Enable the decentralized and wide geographical distribution of the tokens and into many different communities.
- Create marketing and branding opportunities for the platform.
But we knew that a big part of our platform’s appeal to our target market would be predicated upon easy access to the platform itself. While having a wide distribution of Embers is made possible with the token sale and later the DEX system, it does not help individual seekers who come to Embermine desiring to create a UserID but are inexperienced with acquiring and holding cryptocurrency.
So we always planned on selling individual Embers to anyone who came needing one for their seat license, and embedding that acquisition within the User Creation process so that only one Ember can be acquired and it is used immediately. These Embers would have to come from a pool of Embers readily available for the User Creation Module to withdraw from at any time. To do this, Embermine is creating a special element of the User Creation Module, called the Seat License Contract, to collect Embers committed to the contract by existing Users and reimburse them once they have all been issued.
The Seat License Contract
The Seat License Contract automates and manages the User Creation Pool through the generation and fulfillment of smart contracts intended to keep the Pool with sufficient inventory of Embers to meet the demand. The algorithm will constantly monitor the rate of consumption to determine the minimum number of Embers to have in inventory at any point of time. As the Embermine Platform issues and then uses the Embers in the UserID creation process and the Pool is depleted below that minimum, a smart contract is issued, requesting commits from Users interested in being compensated for their extra Embers.
The contract must fill the required quota for the contract within a set period of time. If the quota is not reached, Embermine, Inc. will supply the entire difference from its own Ember supply. Once the required Ember inventory is collected, the smart contract will make those tokens available to the User Creation Pool, which are randomly issued until the contract is depleted. Sparks are collected by the contract from the new Users until the Ember inventory is exhausted. The Users are reimbursed with a percentage of Sparks equal to the percentage of Embers they committed to the total of that particular contract. There will be a minimum and maximum number of Embers each UserID can commit to each contract, but there will not be a limit to the number of contracts any UserID can commit to. This will ensure fair access to this process for everyone, and a consistent inventory of Embers for individuals to use only for the User Creation process. This makes our entire User base the decentralized distributors of our seat licenses, whether through the DEX, crypto-exchanges, individual trades, or the Seat License Contracts.
So the question is, how much will Embermine be charging individuals for these Embers during the User Creation Process? The answer is that there are two answers: 1.00 Spark during the Open Beta, which will begin upon the creation of Embermine’s Genesis Block and release of our MVP candidate in Mid/Late October, and 5.00 Sparks after the full version release in Late Winter/Early Spring 2018.
We appreciate your support as we near the end of our token sale, and we look forward to working with everyone on this platform’s development! We will provide additional details regarding the Seat License Contract system, as well as the User Creation Process, as we move past the funding phase and enter the development phase of Embermine’s life cycle.